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India's fourth-largest software company Wipro on Wednesday reported 12.58 per cent year-on-year (YoY) rise in net profit at Rs 2,387.60 crore for the quarter ended June, 2019. The figure came in line with an analyst estimate of Rs 2,380 crore projected in an ETNow poll.

Consolidated revenue for the quarter increased 5.28 per cent YoY to Rs 14,716.10 crore from Rs 13,977.70 crore reported for the corresponding quarter last year.

The company’s net profit and revenue declined 3.86 per cent and 1.93 per cent, respectively, on a QoQ basis. Earlier during the day, shares of the company settled 0.13 per cent down at Rs 259.70, while Sensex advanced 0.22 per cent to 39,215.

Here are the top five takeaways from Wipro’s first quarter earnings:

Updates on buyback: The company is awaiting Sebi approval to complete the buyback process. On April 16 this year, the board had approved a proposal to buy back up to 32.3,1 crore equity shares from shareholders on a proportionate basis by way of a tender offer at Rs 325 per share. Subsequently, shareholders had approved the buyback proposal through postal ballot on June 1, 2019 and fixed June 21, 2019 as the record date for the same.

Management’s take: CEO and Executive Director Abidali Z Neemuchwala said the company’s efforts on client mining have resulted in the addition of three customers in more than $100 million bucket. “We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets,” he said.

Wipro delivered IT services margins of 18.4 per cent and free cash flows of 98.8 per cent of net income. “We have had a slower start to the year. We, however, remain focused on operations and continue to invest in talent and capabilities for the future,” said Jatin Dalal, Chief Financial Officer.

Q2 Guidance: Wipro expects revenue from its IT services business to be in the range of $2,039 million to $2,080 million in September quarter, 2019, while translates into a sequential growth of 0.0-2 per cent.

Earnings per share: Basic EPS of the company increased to Rs 3.97 from Rs 3.53 per cent year on year. The figure stood at Rs 4.13 in the sequential quarter ended March 2019.

Expenditure: Consolidated total expenditure increased by 2.98 per cent YoY to Rs 12,334.50 crore for the quarter ended June 2019. However, the figure declined 1 per cent QoQ.